Erich Kellerhals

Erich Kellerhals was bornon 8 November 1939 in Germany. German billionaire Erich Kellerhals apparently died on Christmas Day in 2017. He and his wife Helga founded the electronics retail giant Media-Saturn GmbH with two business partners (Walter Gunz and Leopold Stiefel) in 1979. The first Media Markt opened its doors that year in an industrial park in Munich, with the aim of offering a broad selection of brand products at permanently low prices. In 1988, the founders sold a 54% stake to Kaufhof, which later merged with retail giant Metro. Still holding close to 22% of Media-Saturn and maintaining veto rights, Erich Kellerhals had a strained relationship with Metro over the governance and operation of Media-Saturn, resulting in extensive legal battles. Erich and Helga meanwhile founded their holding company Convergenta in 2004 and invested in shopping malls and commercial real estate. They also owned a fine-dining restaurant in the hills of Salzburg, Austria, where they lived. He is survived by his wife.